1 B C D E F G H 2 Information on Kwon Manufacturing's activities for its first month of operations follows: 3 4 a. Purchased raw materials on credit. $100,000 5 b. Materials requisitions show the following materials used for the month. 6 7 Job 201 $48,200 8 Job 202 23,600 9 Total direct materials 71,800 10 Indirect materials 8,620 11 Total materials used $80,420 12 13 c. Time tickets show the following labor used for the month. 14 15 Job 201 $39,200 16 Job 202 12,600 17 Total direct labor- 51,800 18 Indirect labor 24,200 19 Total labor used $76,000 20 21 d. Applied overhead to jobs using the predetermined overhead rate. 22 e. Transferred Job 201 to Finished Goods Inventory (1) Sold Job 201 on credit for: 23 80% of direct materials cost 24 g Incurred the following actual other overhead costs for the month. 25 $163,760 (2) Record cost of goods sold for Job 201. 4 15 Job 201 16 Job 202 17 Total direct labor 18 Indirect labor 19 Total labor used 20 B $39,200 12,600 51,800 24,200 $76,000 21 d. Applied overhead to jobs using the predetermined overhead rate. 22 e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 on credit for: 23 24 g. Incurred the following actual other overhead costs for the month. 25 26 Depreciation of factory equipment 27 Rent on factory building (payable) 28 Factory utilities (payable) 29 Expired factory insurance 30 Total other factory overhead costs 31 32 Required: $32,000 500 800 3,000 $36,300 33 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. + 34 35 (Use cells A4 to F30 from the given information to complete this question.) 36 37 Job Number 201 Job Number 202 >Graded Worksheet + Calculation Mode: Automatic Workbook Statistics D E H 80% of direct materials cost $163,760 (2) Record cost of goods sold for Job 201. 32 Required: 33 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. 34 35 (Use cells A4 to F30 from the given information to complete this question.) 36 37 38 Materials 39 Labor 40 Overhead Job Number Job Number 201 202 + 41 Total cost 42 43 2. Compute gross profit on the sale of Job 201. 44 45 (Use cells A4 to F30 from the given information to complete this question.) 46 47 48 49 50 Gross Profit 51 52 55 53 Job 201